Ayres Advisors, LLC Recent News – January 2020

Ayres Advisors, LLC News – January 2020
Ayres Advisors, LLC, manager of Gruss Ayres Opportunity Fund, L.P., is pleased to announce the recent closings of several transactions. Each of these transactions included assets owned by Gruss Ayres Opportunity Fund, L.P., an entity formed in 2008 to invest in a portfolio of non-performing real estate loans purchased from Central Pacific Bank.

The final phase of Tuscany in Sanger, California was sold to a D.R. Horton entity. Tuscany initially included 193 residential lots and 12 partially-completed single-family residences. Ayres Advisors, LLC oversaw the completion of the houses and sold the residential lots in phases. Tuscany was renamed “Oliveta” by the homebuilder. New homes are currently being sold, with prices ranging from $224,000 to $300,000.

Sheldon Terrace, a 175-lot single-family development in Elk Grove, CA, was sold to an entity of KB Homes. Ayres Advisors, LLC preserved development entitlements for the project, maximizing value. New homes are currently being sold at Sheldon Terrace at prices ranging from $349,000 to $391,000.

The 80-unit residential project known as the Nourse property in Lake Stevens, Washington was sold to a local development team. Ayres successfully extended development entitlements for the property, culminating in a successful sale. New homes are being planned on site.

The final holdings of the Mayfield project in Imperial, California were sold to a local development team. Ayres Advisors, LLC successfully completed and sold 31 partially-built homes onsite. The residential lots were sold in phases to a local developer, which is offering new homes in the mid-$200,000’s.

The last portion of Parkside in San Jacinto was sold to RSI Communities, an innovative modular home builder. Ayres Advisors, LLC worked with the City of San Jacinto to repair major infrastructure within the project and preserve entitlements. William Lyon Homes later acquired RSI Communities and offered new homes priced from $300,000 to $368,000.